JP Associates Falls Over 20% in 2 Days. Should You Buy Now?
Shares in Jaiprakash Associates fell over 20 per cent in last two days on concerns of management selling stake in the company. Promoters of the company have sold 1.58 per cent stake in the company in last one week. However the company clarified that the proceeds of the stake sale were needed for a social commitment.
Jaiprakash Associates fell with huge volumes on Thursday and Friday. Delivery volume in JP Associates on Thursday was around 5.4 crore shares against 10 days average delivery volume of 1.27 crore shares. The stock has also witnessed significant short built up in futures segment. Open interest in the stock has increased by 16.7 crore shares in the futures segment.
However analysts say after the recent correction the stock becomes an attractive buy for investment.
Market analyst Sanjeev Bhasin recommends to buy the stock around Rs 36-Rs 38 levels for a three month target of Rs 57-Rs 60. Sanjeev Bhasin says book value of the share is close to Rs 57.
Maybank in a note today said, although there is some cash crunch with JP Associates, but market seems to have more than priced such concerns. Maybank says there is deep value in JP Associates and has recommended a buy on the stock with a target price of Rs 93 per share.
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